VA Loans - Benefits

VA Loans (Veteran Administration Loans) are ideal for many first-time home buyers who have little no money saved for a down payment, and less than an ideal FICO score, assuming they meet other qualifications.

VA Loans:

  • Require no down payment. You can finance 100% of the purchase price of the home.
  • Require no mortgage insurance which saves the homeowner money every month.
  • Have no prepayment penalty when you sell your home or refinance it.
  • Can be a fixed rate or adjustable-rate loan depending on the borrower’s desire.
  • Require minimal closing costs.
  • Are fully assumable by anyone who is VA qualified.
  • Generally, have lower interest rates than FHA or conventional loans.


VA loans are available to:

  • Active-duty service members
  • Members of the National Guard
  • Reservists
  • Surviving spouses of veterans
  • Cadets at the U.S. Military, Air Force or Coast Guard Academy
  • Midshipmen at the U.S. Naval Academy
  • Officers at the National Oceanic Atmospheric Administration.


VA home loans are available to active-duty service members, veterans (unless dishonorably discharged), and in some cases, surviving family members.

To be eligible, you need to meet one of these service requirements:

  • You’ve served 181 days of active duty during peacetime
  • You’ve served 90 days of active duty during wartime
  • You’ve served six years in the Reserves or National Guard
  • Your spouse was killed in the line of duty and you have not remarried

Your eligibility for the VA home loan program never expires.


Assumable Home Loans

VA Interest Rate Reduction Refinance Loan - VA Streamline

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